31 July 2013

OSIM - Latest Quarterly Report - July 2013

Highlights of OSIM latest quarterly report:

Osim expects to continue to create higher consumer demand for OSIM products like
uDivine App, uAngel, uPhoria, uHug, uPixie, uCozy, uRelax, uPebble, uBio, uSlender and
nutritional supplements like Taut, Stem C, Zhi and Liver Protector. They have 579 OSIM outlets. In China, they are in 45 cities with 266 OSIM outlets.

For this year, Osim are targeting to open 20 to 30 OSIM outlets. Their 217 GNC outlets are doing well. GNC Taiwan is progressing well. For RichLife, they will focus on seven key cities for better focus, control and efficiency. There is a total of 252 GNC/RichLife outlets in ONI Global.

On 22 July 2013, they increased their shareholding in associated company TWG Tea from 35%
to 45% for two dollars only. This is expected to be earnings accretive for OSIM this year. Osim expect the businesses to remain strong in 2013. The directors are pleased to recommend an interim dividend of 2 cents per share or about 1% dividend yield.

In my view, I think that Osim is doing a good job as it continues to strength its position as Asia leader through branding and R&D activities. With annualized EPS 13.66C or annualized PE of about 15X, I believe it is a reasonable price now for OSIM.

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